Press Release

Guaranty Bancshares, Inc. Reports Second Quarter 2018 Financial Results

Company Release - 7/24/2018 8:30 AM ET

MOUNT PLEASANT, Texas, July 24, 2018 (GLOBE NEWSWIRE) -- Guaranty Bancshares, Inc. (NASDAQ:GNTY), the holding company for Guaranty Bank & Trust, N.A., today reported financial results for the fiscal quarter ended June 30, 2018.  The company's net income available to common shareholders was $4.6 million, or $0.41 per basic share, for the quarter ended June 30, 2018, compared to $4.4 million, or $0.39 per basic share, for the quarter ended March 31, 2018 and $4.0 million, or $0.40 per basic share, for the quarter ended June 30, 2017.  The earnings per basic share during the second quarter of 2018 were impacted by the issuance of 899,816 shares of common stock in connection with the completion of the Westbound Bank ("Westbound") acquisition on June 1, 2018.  Excluding the Westbound acquisition related expenses, basic earnings per share during the second quarter of 2018 would be $0.46 per basic share.  The growth in our net income was primarily attributable to an increase in net interest income, after the provision for loan losses, of $1.8 million and an increase in noninterest income of $400,000, compared to the same period in 2017.  Return on average assets and average equity for the second quarter were 0.90% and 8.58%, respectively, compared to 0.89% and 8.35%, respectively for the first quarter of 2018 and 0.85% and 8.85%, respectively, for the same period during 2017.

The company's growth in net earnings in the second quarter of 2018, as compared to the second quarter of 2017, was primarily attributable to growth in net interest income of $1.8 million, an increase in noninterest income of $400,000, and a decrease in the income tax provision of $611,000.  These increases were partially offset by an increase in noninterest expense of $2.2 million, which includes nonrecurring Westbound acquisition related expenses during the quarter of $534,000, as well as $7.8 million in employee and compensation benefits for the quarter ended June 30, 2018, an increase of $1.3 million, or 20.9%, from the quarter ended June 30, 2017.   The increase in employee compensation and benefits resulted from an increase of 54 full-time equivalent employees, from 395 as of June 30, 2017 to 449 as of June 30, 2018, of which 25 new employees were related to the Westbound acquisition, nine were from our two de novo locations in Austin and Fort Worth, Texas that were opened in the fourth quarter of 2017, and other employees were added to support operational growth and our SBA department.

Net interest income for the second quarter of 2018 and 2017 was $16.5 million and $14.8 million, respectively, an increase of $1.7 million, or 11.2%.  Net interest margin for the second quarter of 2018 and 2017 was 3.44% and 3.40% respectively.  Net interest income and net interest margin, on a taxable equivalent basis, were $16.5 million and 3.48%, respectively, for the second quarter of 2018.

The provision for loan losses was $650,000 in the second quarter of 2018, compared to $600,000 in the first quarter of 2018 and $800,000 in the second quarter of 2017.  The provision for loan losses is primarily reflective of organic growth during the respective periods.   Nonperforming assets as a percentage of total loans have remained relatively consistent and were 0.76% at June 30, 2018, compared to 0.64% at March 31, 2018, and 0.71% at June 30, 2017.

Noninterest income increased 6.8% in the second quarter of 2018 to $3.9 million, compared to $3.7 million for the quarter ended March 31, 2018.  Noninterest income increased 11.4% in the second quarter of 2018, compared to $3.5 million for the quarter ended June 30, 2017.  Merchant and debit card income increased 10.1% to $871,000, compared to $791,000 in the same quarter last year due to continued growth in net new accounts and debit card usage.  Gain on sale of mortgage loans increased $206,000, or 43.6%, from $472,000 in the second quarter of 2017 to $678,000 in the current quarter.  The increase in gain on sale of mortgage loans results from increases in the volume and amount of the loans sold.  Other categories of noninterest income increased with the continued growth of the bank.

Noninterest expense increased 7.1% in the second quarter of 2018 to $14.1 million, compared to $13.1 million for the quarter ended March 31, 2018.  Noninterest expense increased 18.2% in the second quarter of 2018, compared to $11.9 million for the second quarter of 2017.   The increase in noninterest expense in the second quarter of 2018 was primarily driven by a $1.3 million increase in employee compensation and benefit expenses when compared to the same quarter a year ago, a $614,000 increase in legal and professional fees, primarily associated with the Westbound acquisition and a $140,000 increase in occupancy expenses.  Increases in salary and occupancy expenses were significantly impacted as a result of the Westbound acquisition and by our two de novo locations in Austin and Fort Worth, Texas. The company's efficiency ratio in the second quarter of 2018 was 68.88%, compared to 65.10% in the same quarter last year.

As of June 30, 2018, consolidated assets for the company totaled $2.24 billion, compared to $2.00 billion at March 31, 2018 and $1.91 billion at June 30, 2017.  Gross loans increased 13.71%, or $192.1 million, to $1.59 billion at June 30, 2018, compared to loans of $1.40 billion at March 31, 2018.  Gross loans increased 23.0%, or $297.8 million, from $1.30 billion at June 30, 2017.  Excluding the $154.7 million of loans acquired from Westbound, loan growth from June 30, 2017 to June 30, 2018 was $143.1 million or 11.0%.  Deposits increased by 9.27%, or $156.8 million, to $1.85 billion at June 30, 2018 compared to $1.69 billion at March 31, 2018.  Total deposits increased 12.3%, or $202.1 million, from $1.65 billion at June 30, 2017.  Excluding the $181.4 million of deposits acquired from Westbound, deposit growth from June 30, 2017 to June 30, 2018 was $20.6 million, or 1.24%.  Shareholders' equity totaled $239.7 million as of June 30, 2018, compared to $207.4 million at March 31, 2018 and $204.6 million at June 30, 2017.  The increases from the first quarter and from June 30, 2017 were primarily the result of operating earnings and the issuance of common stock related to the Westbound acquisition during the period.

The company's Chairman and Chief Executive Officer, Ty Abston, said, "Guaranty completed the Westbound acquisition on June 1st with a simultaneous close and system conversion that went very smoothly as our integration team did an excellent job leading up to and during the conversion.  We continue to integrate the operations of the Westbound locations into Guaranty and expect to realize cost savings of at least 30.0%.  We have hired two additional lenders in the Houston market and plan to further build out our team in that growing region.  Our Austin and Dallas/Fort Worth markets continue to grow and we will be moving to permanent facilities in all of those markets during the third and fourth quarters of 2018, which should help us continue our growth momentum."




Guaranty Bancshares, Inc.
Consolidated Financial Summary (Unaudited)
(In thousands, except share and per share data)
 As of
 2018 2017
 June 30 March 31 December 31 September 30 June 30
ASSETS         
Cash and due from banks$37,944  $33,021  $40,482  $33,736  $36,389 
Federal funds sold56,850  43,875  26,175  34,250  17,700 
Interest-bearing deposits4,186  9,715  24,771  27,075  29,217 
Total cash and cash equivalents98,980  86,611  91,428  95,061  83,306 
Securities available for sale243,490  235,075  232,372  238,133  246,233 
Securities held to maturity167,239  170,408  174,684  179,081  182,248 
Loans held for sale1,731  1,477  1,896  3,400  2,435 
Loans, net1,580,441  1,388,913  1,347,779  1,294,847  1,284,318 
Accrued interest receivable8,667  6,719  8,174  6,440  7,631 
Premises and equipment, net53,396  45,095  43,818  43,958  44,491 
Other real estate owned1,926  2,076  2,244  1,929  1,733 
Cash surrender value of life insurance25,590  19,468  19,117  18,376  18,035 
Deferred tax asset2,504  3,354  2,543  4,267  4,121 
Core deposit intangible, net5,133  2,578  2,724  2,870  3,016 
Goodwill32,019  18,742  18,742  18,742  18,742 
Other assets23,524  17,369  17,103  16,949  16,160 
Total assets$2,244,640  $1,997,885  $1,962,624  $1,924,053  $1,912,469 
          
LIABILITIES AND SHAREHOLDERS' EQUITY         
Noninterest-bearing deposits$464,236  $421,255  $410,009  $405,678  $387,725 
Interest-bearing deposits1,384,189  1,270,327  1,266,311  1,211,624  1,258,648 
Total deposits1,848,425  1,691,582  1,676,320  1,617,302  1,646,373 
Securities sold under agreements to repurchase12,588  12,395  12,879  12,920  14,153 
Accrued interest and other liabilities9,515  7,575  7,117  7,601  7,921 
Federal Home Loan Bank advances120,644  65,149  45,153  65,157  25,161 
Subordinated debentures13,810  13,810  13,810  13,810  14,310 
Total liabilities2,004,982  1,790,511  1,755,279  1,716,790  1,707,918 
          
Total shareholders' equity239,658  207,374  207,345  207,263  204,551 
Total liabilities and shareholders' equity$2,244,640  $1,997,885  $1,962,624  $1,924,053  $1,912,469 
          


  
 Quarter Ended
 2018 2017
 June 30 March 31 December 31 September 30 June 30
INCOME STATEMENTS         
Interest income$21,026  $19,038  $18,689  $18,165  $17,792 
Interest expense4,567  3,666  3,201  3,063  2,993 
Net interest income16,459  15,372  15,488  15,102  14,799 
Provision for loan losses650  600  600  800  800 
Net interest income after provision for loan losses15,809  14,772  14,888  14,302  13,999 
Noninterest income3,916  3,665  3,779  3,702  3,516 
Noninterest expense14,069  13,134  12,265  12,166  11,906 
Income before income taxes5,656  5,303  6,402  5,838  5,609 
Income tax provision1,022  944  3,594  1,699  1,633 
Net earnings$4,634  $4,359  $2,808  $4,139  $3,976 
          
PER COMMON SHARE DATA         
Earnings per common share, basic$0.41  $0.39  $0.25  $0.37  $0.40 
Earnings per common share, diluted0.41  0.39  0.25  0.37  0.39 
Cash dividends per common share0.14  0.14  0.14  0.13  0.26 
Book value per common share - end of quarter20.04  18.75  18.75  18.74  18.50 
Tangible book value per common share - end of quarter(1)16.81  16.82  16.81  16.79  16.53 
Common shares outstanding - end of quarter11,960,772  11,058,956  11,058,956  11,058,956  11,058,956 
Weighted-average common shares outstanding, basic11,327,363  11,058,956  11,058,956  11,058,956  10,019,049 
Weighted-average common shares outstanding, diluted11,440,103  11,177,579  11,162,329  11,164,429  10,106,825 
          
PERFORMANCE RATIOS         
Return on average assets (annualized)0.90% 0.89% 0.58% 0.87% 0.85%
Return on average equity (annualized)8.58  8.35  5.36  7.99  8.85 
Net interest margin (annualized)3.44  3.41  3.39  3.38  3.40 
Efficiency ratio(2)68.88  68.99  64.13  64.70  65.10 

(1) See Reconciliation of non-GAAP Financial Measures table
(2) The efficiency ratio was calculated by dividing total noninterest expense by net interest income plus noninterest income, excluding securities gains or losses.  Taxes are not part of this calculation.


 
Guaranty Bancshares, Inc.
Selected Financial Data (Unaudited)
(In thousands)
 As of
 2018 2017
 June 30 March 31 December 31 September 30 June 30
LOAN PORTFOLIO COMPOSITION         
Commercial and industrial$234,396  $206,308  $197,508  $192,368  $217,310 
Real estate:         
Construction and development211,745  193,909  196,774  201,542  178,041 
Commercial real estate570,448  450,076  418,137  393,710  379,083 
Farmland68,272  63,971  59,023  54,351  63,841 
1-4 family residential392,940  377,278  374,371  364,530  355,121 
Multi-family residential39,023  37,992  36,574  23,259  28,858 
Consumer52,949  48,982  51,267  51,379  51,244 
Agricultural23,362  22,545  25,596  24,449  21,854 
Overdrafts339  273  294  698  364 
Total loans(1)(2)$1,593,474  $1,401,334  $1,359,544  $1,306,286  $1,295,716 
          
 Quarter Ended
 2018 2017
 June 30 March 31 December 31 September 30 June 30
ALLOWANCE FOR LOAN LOSSES         
Balance at beginning of period$13,375  $12,859  $12,528  $12,525  $11,928 
Loans charged-off(201) (116) (979) (929) (302)
Recoveries66  32  710  132  99 
Provision for loan losses650  600  600  800  800 
Balance at end of period$13,890  $13,375  $12,859  $12,528  $12,525 
          
Allowance for loan losses / period-end loans0.87% 0.95% 0.95% 0.96% 0.97%
Allowance for loan losses / nonperforming loans162.3  282.4  321.2  217.7  316.4 
Net charge-offs / average loans (annualized)0.04  0.02  0.08  0.25  0.06 
          
NON-PERFORMING ASSETS         
Non-accrual loans (3)$8,557  $4,737  $4,004  $5,755  $3,958 
Other real estate owned1,926  2,076  2,244  1,929  1,733 
Repossessed assets owned1,624  2,107  2,466  2,479  3,501 
Total non-performing assets$12,107  $8,920  $8,714  $10,163  $9,192 
          
Non-performing assets as a percentage of:         
Total loans(1)(3)0.76% 0.64% 0.64% 0.78% 0.71%
Total assets0.54  0.45  0.44  0.53  0.48 
          
Restructured loans-nonaccrual$  $  $  $  $ 
Restructured loans-accruing737  746  657  316  323 
          
 Quarter Ended
 2018 2017
 June 30 March 31 December 31 September 30 June 30
NONINTEREST INCOME         
Service charges$852  $888  $945  $986  $938 
Net realized gain on securities transactions(51)   142    25 
Net realized gain on sale of loans678  556  491  589  472 
Fiduciary income379  398  408  362  343 
Bank-owned life insurance income135  126  114  116  114 
Merchant and debit card fees871  829  818  778  791 
Loan processing fee income155  145  143  146  163 
Other noninterest income897  723  718  725  670 
Total noninterest income$3,916  $3,665  $3,779  $3,702  $3,516 
          
NONINTEREST EXPENSE         
Employee compensation and benefits$7,789  $7,778  $6,922  $6,729  $6,440 
Occupancy expenses2,006  1,853  1,848  1,938  1,866 
Legal and professional fees1,033  568  589  692  419 
Software and technology657  556  556  533  517 
Amortization275  257  252  258  259 
Director and committee fees268  279  304  253  248 
Advertising and promotions380  279  314  303  335 
ATM and debit card expense259  309  133  253  264 
Telecommunication expense154  152  114  128  141 
FDIC insurance assessment fees159  156  144  162  174 
Other noninterest expense1,089  947  1,089  917  1,243 
Total noninterest expense$14,069  $13,134  $12,265  $12,166  $11,906 

(1) Excludes outstanding balances of loans held for sale of $1.7 million, $1.5 million, $1.6 million, $3.4 million and $2.4 million as of June 30, 2018, March 31, 2018, December 31, 2017, September 30, 2017 and June 30, 2017, respectively.
(2) Excludes deferred loan fees of $857,000, $1.0 million, $1.1 million, $1.1 million and $1.1 million as of June 30, 2018, March 31, 2018, December 31, 2017, September 30, 2017 and June 30, 2017, respectively.
(3) Restructured loans-nonaccrual are included in nonaccrual loans which are a component of nonperforming loans.


 
Guaranty Bancshares, Inc.
Selected Financial Data (Unaudited)
(In thousands)
 For the Three Months Ended June 30,
 2018 2017
 Average
Outstanding
Balance
 Interest
Earned/
Interest
Paid
 Average
Yield/ Rate
 Average
Outstanding
Balance
 Interest
Earned/
Interest
Paid
 Average
Yield/ Rate
ASSETS           
Interest-earnings assets:           
Total loans(1)$1,464,724  $18,242      5.00% $1,273,989  $15,214       4.79%
Securities available for sale248,422  1,492  2.41  217,031  1,198  2.21 
Securities held to maturity168,948  1,038  2.46  184,524  1,123  2.44 
Nonmarketable equity securities8,588  97  4.53  5,774  64  4.45 
Interest-bearing deposits in other banks30,340  157  2.08  66,272  193  1.17 
Total interest-earning assets1,921,022  21,026  4.39  1,747,590  17,792  4.08 
Allowance for loan losses(13,671)     (12,054)    
Noninterest-earnings assets147,812      144,489     
Total assets$2,055,163      $1,880,025     
LIABILITIES AND SHAREHOLDERS' EQUITY           
Interest-bearing liabilities:           
Interest-bearing deposits$1,286,308  $4,004  1.25% $1,251,623  $2,627  0.84%
Advances from FHLB and fed funds purchased86,228  374  1.74  25,163  44  0.70 
Other debt      8,431  120  5.71 
Subordinated debentures13,810  176  5.11  16,750  188  4.50 
Securities sold under agreements to repurchase14,043  13  0.37  13,437  14  0.42 
Total interest-bearing liabilities1,400,389  4,567  1.31  1,315,404  2,993  0.91 
Noninterest-bearing liabilities:           
Noninterest-bearing deposits431,709      377,994     
Accrued interest and other liabilities7,034      6,991     
Total noninterest-bearing liabilities438,743      384,985     
Shareholders’ equity216,031      179,636     
Total liabilities and shareholders’ equity$2,055,163      $1,880,025     
Net interest rate spread(2)    3.08%     3.17%
Net interest income  $16,459      $14,799   
Net interest margin(3)    3.44%     3.40%

(1) Includes average outstanding balances of loans held for sale of $1.9 million and $1.4 million for the three months ended June 30, 2018 and 2017 respectively.
(2) Net interest spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
(3) Net interest margin is equal to net interest income divided by average interest-earning assets, annualized.


  
 For the Six Months Ended June 30,
 2018 2017
 Average
Outstanding
Balance
 Interest
Earned/
Interest
Paid
 Average
Yield/ Rate
 Average
Outstanding
Balance
 Interest
Earned/
Interest
Paid
 Average
Yield/ Rate
ASSETS           
Interest-earnings assets:           
Total loans(1)$1,415,000  $34,498      4.92% $1,253,670  $29,629      4.77%
Securities available for sale243,356  2,934  2.43  202,421  2,302  2.29 
Securities held to maturity170,803  2,099  2.48  186,064  2,252  2.44 
Nonmarketable equity securities8,051  186  4.66  7,251  320  8.90 
Interest-bearing deposits in other banks36,907  347  1.90  89,189  425  0.96 
Total interest-earning assets1,874,117  40,064  4.31  1,738,595  34,928  4.05 
Allowance for loan losses(13,332)     (11,810)    
Noninterest-earnings assets145,093      144,418     
Total assets$2,005,878      $1,871,203     
LIABILITIES AND SHAREHOLDERS' EQUITY           
Interest-bearing liabilities:           
Interest-bearing deposits$1,271,225  $7,278  1.15% $1,252,962  $5,031  0.81%
Advances from FHLB and fed funds purchased73,176  588  1.62  37,209  112  0.61 
Other debt      13,534  325  4.84 
Subordinated debentures13,810  343  5.01  18,023  395  4.42 
Securities sold under agreements to repurchase12,839  24  0.38  12,263  25  0.41 
Total interest-bearing liabilities1,371,050  8,233  1.21  1,333,991  5,888  0.89 
Noninterest-bearing liabilities:           
Noninterest-bearing deposits416,114      368,341     
Accrued interest and other liabilities6,316      6,576     
Total noninterest-bearing liabilities422,430      374,917     
Shareholders’ equity212,398      162,295     
Total liabilities and shareholders’ equity$2,005,878      $1,871,203     
Net interest rate spread(2)    3.10%     3.16%
Net interest income  $31,831      $29,040   
Net interest margin(3)    3.43%     3.37%

(1) Includes average outstanding balances of loans held for sale of $1.8 million and $2.8 million for the six months ended June 30, 2018 and 2017, respectively.
(2) Net interest spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
(3) Net interest margin is equal to net interest income divided by average interest-earning assets, annualized.


 
Guaranty Bancshares, Inc.
Reconciliation of Non-GAAP Financial Measures (Unaudited)
(In thousands, except share and per share data)
 As of
 2018 2017
 June 30 March 31 December 31 September 30 June 30
Total shareholders’ equity$239,658  $207,374  $207,345  $207,263  $204,551 
Adjustments:         
Goodwill(32,019) (18,742) (18,742) (18,742) (18,742)
Core deposit and other intangibles(6,628) (2,578) (2,724) (2,870) (3,016)
Total tangible common equity$201,011  $186,054  $185,879  $185,651  $182,793 
Common shares outstanding - end of quarter(1)11,960,772  11,058,956  11,058,956  11,058,956  11,058,956 
Book value per common share$20.04  $18.75  $18.75  $18.74  $18.50 
Tangible book value per common share16.81  16.82  16.81  16.79  16.53 

(1) Excludes the dilutive effect, if any, of shares of common stock issuable upon exercise of outstanding stock options.


About Non-GAAP Financial Measures

Certain of the financial measures and ratios we present, including “tangible book value per share” are supplemental measures that are not required by, or are not presented in accordance with, U.S. generally accepted accounting principles (GAAP). We refer to these financial measures and ratios as “non-GAAP financial measures.”  We consider the use of select non-GAAP financial measures and ratios to be useful for financial and operational decision making and useful in evaluating period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results or by presenting certain metrics on a fully taxable equivalent basis. We believe that management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and comparing past, present and future periods.

These non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP and you should not rely on non-GAAP financial measures alone as measures of our performance. The non-GAAP financial measures we present may differ from non-GAAP financial measures used by our peers or other companies. We compensate for these limitations by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance.

A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables.

About Guaranty Bancshares, Inc.

Guaranty Bancshares, Inc. ("Guaranty") is a bank holding company that conducts commercial banking activities through its wholly-owned subsidiary, Guaranty Bank & Trust, N.A.  As one of the oldest regional community banks in Texas, Guaranty Bank & Trust provides its customers with a full array of relationship-driven commercial and consumer banking products and services, as well as mortgage, trust, and wealth management products and services. Guaranty Bank & Trust has 32 banking locations across 24 Texas communities located within the East Texas, Dallas/Fort Worth, Greater Houston and Central Texas regions of the state.  Visit www.gnty.com for more information.

Cautionary Statement Regarding Forward-Looking Information

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our results of operations, financial condition and financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” or the negative version of those words or other comparable words of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Such factors include, without limitation, the “Risk Factors” referenced in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, other risks and uncertainties listed from time to time in our reports and documents filed with the Securities and Exchange Commission ("SEC"), and the following factors: business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic market areas; economic, market, operational, liquidity, credit and interest rate risks associated with our business; the composition of our loan portfolio, including deteriorating asset quality and higher loan charge-offs; the laws and regulations applicable to our business; our ability to achieve organic loan and deposit growth and the composition of such growth; increased competition in the financial services industry, nationally, regionally or locally; our ability to maintain our historical earnings trends; our ability to raise additional capital to execute our business plan; acquisitions and integrations of acquired businesses; systems failures or interruptions involving our information technology and telecommunications systems or third-party servicers; the composition of our management team and our ability to attract and retain key personnel; the fiscal position of the U.S. federal government and the soundness of other financial institutions; and the amount of nonperforming and classified assets we hold. We can give no assurance that any goal or plan or expectation set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements. The forward-looking statements are made as of the date of this communication, and we do not intend, and assume no obligation, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.


Contact:

Cappy Payne
Senior Executive Vice President and Chief Financial Officer
(888) 572-9881
investors@gnty.com
 

Source: Guaranty Bancshares, Inc.

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Source: Guaranty Bancshares, Inc.